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is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> and of course republicans tried to trick americans into believing the debt ceiling was a blank check or magic credit card for the president to go spend whatever he wanted to spend. of course, the united states constitution gives the power to tax and spend to the congress, and the congress alone. our current deficit is the result of money congress has already borrowed. president obama explained to the american people today how republicans in congress are trying to avoid doing their actual jobs. >> these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> if the american people do not catch on to the severity of all of this, of defaulting on our debts, the country will
to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. >> brown: the 2011 stand-off between the president and republicans over the debt ceiling led the nation to the bryning of national default. standard and poors even lowered its rating on u.s. government bonds. today, president obama said any repeat performance would be, quote, irresponsible. >> if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. >> brown: at the same time, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief
the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't require legislation and that are within my authority as president. and where you get a step that has the opportunity to reduce the possibility of gun violence, then i want to go ahead and take it. >> brown: he conceded that a fight in congress is likely but he hopes that some compromise is is possible. >> the issue here is not whether or not we believe in the second amendment. the issue is are there some sensible steps that we can take to make
. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. but to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it is absurd. the full faith and credit of the united states of america is not a bargaining chip. and they had better choose quickly because time is running short. >> house republicans continued to threaten to use the debt ceiling as a bargaining chip. house republican conference chairwoman kathy rogers told "political" i think it is possible we would shut down the government to make sure that president obama understands that we're serious. well, i guess tha
is not a deal of authorizing more spending. raising the debt ceiling does not authorize more spending, simply allows the country to pay for spending that congress has already committed to. gerri: what do you say to that? speaker he is gearing up for a partisan brawl. his press conference today was a little hypocritical because whe he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits far as the eye can see. clearly this is a situation that cannot continue forever. they have said let's take it to the court. what do you make of that strategy? >> is a losing s
. >> president told reporters raising the debt ceiling is not a question of more spending. >> it's simply allows the country to pay for spending that congress has already committed to. >>reporter: then he repeated that. >> raising the debt ceiling does not authorize to us spend more. >>reporter: in the 40 minute press conference he said it half dozen times. >> this is about paying your bills. >>reporter: if the u.s. defaults on the debt. >> social security checks veteran benefit will be delaye delayed. might not be able to pay our troops. honor our contract with small business owners. >>reporter: house republicans say it is about spending. they want corresponding spending cuts for every dollar that the debt ceiling is raised. today speaker of the house boehner said the american people do not support raising the debt ceiling without reducing government spending at the same time. president said he will negotiate spending cuts but not with the economy hanging in the balance. >> full faith credit of the united states of america is not a bargaining chip. >>reporter: president challenge is a
of failing to raise the debt ceiling are real but so, too, are allowing the spend be problems to go unresolved. president obama told reporters he is willing to work with republicans to reign in spending but he wants to have those talks separate from raising the debt ceiling. >> while i am willing to p compromise and find common ground over the deficit we cannot afford a debate about whether or not they should pay the bills they have already racked up. congressional republicans refuse to pay america's bills on time social security checks and veteran's benefits will be delayed. >> we are not going to do it without putting in place a spending reform. these cuts promise to transpire but never do are not going to do the job any more. >> senate republican leader mitch mcconnell wanted to say the president needs to get serious about it. you can see the battle lines clearly drawn in washington. >> also pointing out in 2006 president obama then senator voted against raising the ceiling. >> they discussed his time spent in prison whether he feared for his life and what the first moments were
. if congress fails to raise the debt ceiling the government can spend only what it received in daily revenues each day. those revenues won't cover about 40% of government debt obligations for the month. the treasury would have to pick and choose between more than 100 million monthly payments to figure out which ones to cover. the only payment virtually guaranteed is the interest on our debt, which brings us to our next fact check. >> if congressional republicans refuse to pay americans' bills on time, social security checks and veterans benefits will be delayed. >> reporter: something social security payments may seem like a hostage in all of this but they don't have to be. the truth is social security has its own dedicated income stream with a reserve of trillions of dollars invested in u.s. treasury bonds. those bonds can be without raising our national debt. bottom line, the government chooses, social security checks can continue to flow. lastly, the president began his address with this declare tiff statement. >> raising the debt ceiling does not authorize more spending. it simply allows
ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> and of course republicans tried to trick americans into believing the debt ceiling was a blank check or magic credit card for the president to go spend whatever he wanted to spend. of course, the united states constitution gives the power to spend to congress. the result is the money congress has already borrowed. president obama explained to the american people in congress how they're trying to do their actual jobs. >> these are bills that are racked up. and we need to pay them. so while i'm willing to find compromise on how to pay our debts, americans should not be stopped from paying the bills we racked up. >> the country will be in a dire situation. president obama knows this. he proved it before, and he is not going to play games with economic stability. >> so we have to pay our bills. and republicans in congress have two choices here, they can act responsibly and pay america's b
to take a stand on the debt ceiling, use that as leverage to try to extract spending cuts out of the white house. or, to not use that because it is a fairly sensitive subject as you've been discussing with market implications. maybe move on to have this showdown over spending, over an actual spending bill, continuing resolution that continues to fund the government which will expire in march. and sequestration, automatic cuts that will kick in about the same time. in other words, is the best tool here to use the debt ceiling or is the best tool to use spending bill and there are a lot of people in leadership who think let's not touch the debt ceiling argument that is toxic. let's focus on spending bills because that is the subject at hand. tracy: especially for the american people. the last thing they want to hear is we'll raise the debt ceiling again the notion we hit it back in december and they did accounting trickery to buy us some time i think that is disheartening as well. >> that's been done before. we already hit the debt ceiling that isn't commonly realized. the question do you wa
on spending cuts in order to raise the debt ceiling and key senate republican says mr. obama doesn't get it. >> you have a kid that keeps a credit card loaded and a person that would tear up the credit card but you look at the credit. republicans are willing to pay for past bill but this is about the future bill. the president misses the point here. >> reporter: today, house democratic whip steny hoyer said new revenue must accompany spending cuts. for day, the final passage is expected in the house in the next hour or so. bret? >> bret: mike, we will follow that on fox. thank you. ominous note now from one of the world's top credit agencies. fitch rating says the u.s. could lose the top credit rating if there is a delay in raising the debt limit. we'll find out with the senior political analyst brit hume thinks about this. good evening. >> good evening. the warning from the fitch rating agency today is certainly will become talking point for president and democrats who claim the republicans are using the debt ceiling recklessly as leverage for spending cuts. worry over the debt ceiling is
spending. they want cuts for every dollar the debt ceiling is raised. >> the president said he will negotiate spending cuts. >> the full faith and credit of the united states of america snot a bargaining chip. >> but the challenge is a lot of people we've talked to had no real grasp of what it meant to raise the debt keeling. >> what does that do? >> puts us nor debt. >> raising the debt keeling alouz him to borrow more money. >> half of the people had no idea what it was. >> i believe that they make things purposely conpusing. >> the president wants to turn up the heat he's got to make the issue clear z as abc 7 news explains, republicans need to decide if they want to stand their ground on thish yu at the risk of a down turn. >> i think a lot of us has to deal with well, yes but this vit way to do it? that i think is boehner's responsibility tochl plain that to his members. my understanding is that is what is what he's planning to do. >> today, the tea party express issued a statement saying it's irresponsibility for the president to democratta going this issue. big opportuni
separate from the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills, and we are not a deadbeat nation. >> clearly house speaker john boehner thinks differently. he responded by saying, quote, the american people do not support raising the debt ceiling without reducing government spending at the same time. >>> these pens are designed to be used only by one person, but an investigation discovered that many of them were used on multiple people. >>> are you in hawaii or going there anytime soon? surfers, beware. check out this video. it's a real-life jauss. two sharks were swimming dangerously close to the show. can you believe it? look at that. you could wade in and be bitten, eaten. last year there were a total of 11 shark attacks in hawaii. >> that's what i call dangerously close. >> oh, my goodness. >> so some people in the southeast waking up to the dual danger of flooding and ice. alexandra steele in the weather center. good morning. >> good morning, guys. each snow potentially for you around new york c
the dictator in chief to raise the debt ceiling and they don't do anything about spending, we're getting downgraded. he is working against the interest of the people by doing that. we have to do something about spending. host: people are saying there are several different fights happening. there's the debt ceiling, whether or not to raise the debt ceiling. some are talking about shutting the government down when the continuing resolution that authorizes spending for this government runs out, that he would negotiate then on this whole issue of spending cuts and new revenue. and if you cannot get a deal, then you let the government shutdown. some republicans are laying the groundwork for that. then you have the sequestration that was delayed under the fiscal cliff deal. so there are more than one battle happening. where do you think the negotiations should take place? should be the debt ceiling or the continuing resolution to fund the government or sequestration? caller: the continuing revolution to keep the government going -- resolution. there are many departments we don't need. i was sh
. >> well, good luck with tha >>> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and water not a dead beat nation. >> sounds simple, doesn't it? but like so many other crises and standoffs from the past two years, raising the nation's debt ceiling is a zero sum props. somebody wins only if somebody else loses. we're speaking of of course politically here, not financially. economically it's hard to find any winners if the treasury can't close the budget gap. runs about $100 million every month. my next guest worries about it a lot. signor partner and managing director of the boston consulting group and author and columnist. so this becomes tricky for people tound, but essentially the debt ceiling, is it the kind of tool that anybody should be used in order to force people to be more austere in the way they spend in the future? >> well, it's a way to do it, but it's a very dangerous way to do it because we start playing with everybody in our economy eye lives. so if we hit the debt ceiling and we don't have a bill that changes
ago. i want to be clear about this. the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. if congressional republicans refuse to pay america's bills on time, social security checks and veterans' benefits will be delayed. we might not be able to pay our troops, or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get their paychecks. investors around the world will ask if the united states of america is, in fact, a safe bet. markets could go haywire. interest rates would spike for anybody who borrows money -- every homeowner with a mortgage,
want any increase in the debt ceiling to be tied to spending cuts... >> the issue here is whether or not america pays its bills. we are not attend beat nation and so -- there is a very simple solution to this. >> now in a statement, house speaker phil boehner indicated the republican party is prepared for a fight and the consequences of increasing the debt ceiling are real but so too is the consequences of allowing our spending problem to go unresolved. >>> they are closely watching this debt ceiling battle in washington and if congress does not act on the debt ceiling, the national economy could fall and that would have a negative affect on california's budget numbers. they revealed a budget surplus in many years and that's thanks to a new tax revenue from proposition 30 as well as spending cuts. >>> the social media is buzzing about a possible announcement by facebook. janine de la vega joins us now from menlo park with more on a mystery event that is going to take place in just a few hours, good morning. >> reporter: good morning pam, we did see several news vehicles and as the
could reach its lmit in mid february. "raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up, and we need to pay them." president obama warns that if the debt limit is not raised or used as leverage by republicans, markets would go haywire, interest rates would rise, and checks to military veterans and people on social security would end. gop senate minority leader mitch mconnel reponded by saying, "the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it." traders will get their first opportunity to react to comments at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in the economy. bernanke made the comments during an appearance at the university of michigan. nike
the spending problem to go unresolved. the concern is that if congress fails to act on the debt ceiling, the national economy could dip and that could likely have and i affect on california's budget numbers. >> the risk to our forecast numbers could come next month and that's what the federal government chooses to do or not to do regarding the debt ceiling. >> the budget released by governor jerry brown showed a budget surplus for the first time in many years. >>> right now it is 4:44 let's check in with sal on an early morning report on traffic. >>> good morning everybody, it is chilly, let's take a look at traffic on 880 westbound as you head to the mcarthur maze. if you are driving there, it is cold but visibility is good if you could think of the silverling. for most of the area, the bay bridge toll plaza looks good. if you are driving in downtown san jose it looks nice. 4:45 let's go to steve. >>> another cold one out there, i tell you this is a long stretch, 1990, 1997 and we had some very cold weather. it is really only two days. cold frosty conditions, there is frost and freeze
republicans on the debt ceiling. they say they want dollar for dollar spending cuts to be matched with an increase in the debt ceiling. the president said i'll negotiate with you, but not over the debt ceiling. he simply is not going to allieu republicans to take the full faith and credit of the united states and the health of the u.s. economy as hostages. >> they will not collect our ransom in exchange for crashing the american economy. the financial well-being of the american people is not leveraged to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> now, house speaker john boehner responded quickly saying house republicans will do the right thing. they will be responsible, they will meet america's obligations and make sure the government does not shut down. he tried to take that specter off the table. but this is a very tough fight that's getting more and more problematic, larry, because the president said he's going to break the habit of crisis-driven fiscal negotiation
more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. the issue here is whether or not america pays it's bills. we are not a debt-deep nation. >> cenk: i like it. now normally i say it should have been stronger, but it was pretty strong and he made his point very good. it continues. >> obama: this is not an implicatedcomplicateed subject. you don't go out to dinner, eat all your want, and then leave without paying the check. if you do, you're breaking the law. and congress should think about it the same way that the american people do. >> cenk: i like it, man. i do. that's exactly right analogy. you know, of course, i'd go further, but i would every time, right? i'd say listen, the republicans spent this money. they spent it in tax cuts for billionaires and millionaires, they spent it in the iraq war afghanistan, the great majority of this money was spent by george w. bush. now i'm going to make them pay the bill. i would turn it around on them. that's good. very strong language
. they are demanding more spending cuts before they agree to raise the nation's debt ceiling. the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >> john boehner responded the american people do not support raising the debt ceiling without reducing government spending statement. wendell, a government shut down, is that something that really might happen? neither side is ready to blink yet. he has laid out they are ready to compromise if possible that could lead to a government shut down although probably not right away. president obama suggested right before the u.s. the people at home might be told they have to wait for their money. >> if congressional republica
raising the debt ceiling without cutting spending at the same time. boehner calls the debt an anchor on our economy. here's the leading senate republican, making his point. >> it's sort of like you have a kid who exceeds the credit card limit. you tear up the credit card, but you look at the spending. the republicans are willing to pay for past bills. these are about future bills. the president is missing the point that we are on an unsustainable path. >> reporter: portman acknowledges the need to raise the debt ceiling, but he supports the context of getting a handle on the spenning. >> shepard: this is disaster relief for victims of super storm sand gee right. we have had plenty of lawmakers saying we need to get a handle on government spending, but not when people are waiting for major disaster relief money. a key new jersey democrat is saying people from new york, new jersey and connecticut pay their fair share. three state, 16% of the taxes. you ask the question: who suffered because of super storm sandy? certainly, our neighbors in new york and new jersey and connecticut suffe
not support raising the debt ceiling without reducing government spending at the same time. the consequences of failing to increase the debt ceiling are real, but so, too, are the consequences of allowing our spending problem to go unresolved." joining us is amy kremer, chairwoman of the tea party express. thanks for coming in this morning. >> thanks for having me. >> safe bet you're against raising the debt ceiling without spending cuts. >> the problem is the spending cuts never come. the republicans find themselves in the situation all the time t happened with reagan and bush 41 and with the sequester, it's been put off for two months, the spending cuts never come and we cannot continue down this path with over $16 trillion in debt, and a deficit of $1.4 trillion to $1.6 trillion per year. we're spending $1.6 million per year than we're bringing in. >> you've accused the president of using scare tactics. what do you mean by that? do you think he's lying about what could happen? >> the thing is, you know what, first of all it's not congress that determines if we default. it's the treasury s
and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching washington fight over it? maybe we should get rid of it. here is susan occhs, american banker columnist and former senior advisor to president obama and stephen hayes, "weekly standard" and fox news contributor. i will ask you both and, susan, start with you. does it serve a purpose? >> it really doesn't. this is kind of a belt and suspenders operation. if congress wants input how much money to be spent, there are 13 congressional committees that spend appropriations bills that spend money. this is time to have the conversation. they're holding economy hostage. what was benign in the system is now become dangerous. melissa: has to be reason, stephen? says belts and suspenders. maybe we have own our belt has fallen off and this is all we have left. >> so only tempting to go with the pants down met at that far. melissa: i laid that up to y
, quote, we are not out of the woods yet, calling ongoing battles over spending cuts and the debt ceiling critical watersheds. >>> elsewhere, a troubling new report finds more than one in four workers are dipping into retirement funds to keep up with their current bills. apparently folks in their 40s are most likely to do that. >>> some good news, though, on the housing front. new numbers show home prices rose 7.5% in 2012, the most in six years thanks to improving demand and fewer foreclosures. >>> swiss group swatch is adding some sparkle to the brand, scooping up harry winston's luxury line of jewelry and watches for about $1 billion. >>> toyota has once again dethroned general motors as the world's top-selling automaker, selling just under 10 million vehicles last year. >>> coca-cola is taking some heat for its new ad campaign encouraging people to come together to fight obesity. critics say coke is just doing damage control to combat its own contribution to the country's growing obesity problem. >>> we'll find out what facebook's big mystery is in a much-hyped media event today. rumo
the debt ceiling without cutting government spending. we have learned tonight that former cycling champion lance armstrong is in discussions to return a part of the millions of dollars that his team received from the u.s. postal service. and he has indicated a willingness to testify against others involved in illegal doping. armstrong's u.s. postal sponsorship prohibited doping. last year armstrong was stripped of his titles after an investigation found systemic drug use on the team. the associated press is reported tonight that in an interview today with oprah winfrey, armstrong admitted that he used performance-enhancing drugs. recently we spoke to travis tygart the head of the. is anti-doping agency in his only interview for the showtime program "60 minutes" sports it was tygart who made the case against armstrong. some of the words that you used in outlining your case wereck "drug possession," "trafficking "coverup," "conspiracy." you describe lance armstrong as "the enforcer." pretty tough stuff.us >> serious business. the evidence was serious.or >> reporter: why did you use those wor
, raising the debt ceiling does not say we are increasing spending. in any way whatsoever. it does not mean spending. what it means is -- congress authorizes spending. they demand spending on defense or on whatever the program happens to be. a new war. a new tax cut for the rich. they demand the spending. and then they have to -- it comes time to pay the bills. raising the debt ceiling means we agree we're going to pay the bills that congress has already spent. right? we're going to pay for the stuff that congress has already bought. as a president i thought it was an excellent analogy yesterday. you don't go to a restaurant and order a fine meal and then say i'm going to start cutting back right now. i'm not going to pay for that meal. you already ate it, babe! right? >> that's right. how fiscally conservative for them to say we're not going to pay that. let's just clear up this false equivalency that i think it was the first or second question who made the point at the press conference yesterday well, you voted against the debt ceiling in 2006 so what's the deal? look this is -- 2010 -- 2
in both the house and senate is that they will only increase the debt ceiling by the amount of spending cuts that they are able to push lou. congress has not been able to identify $1.2 ril onin cuts they are happy with. >> p obama's warning on the debt ceiling will republicans be able to use the debt ceiling debate as leverage to get big spending cuts? or will it be on the government funding? jinx me is congressman greg walden. member of the leadership and joins me now. congressman, good morning. >> good morning, chuck. good to be with you. >> nice to see you. let me ask you about this issue of whether the debt limit should be used as leverage or whether you are trying to convince your members to say, you know what, the better place to have a debate with the president about spending cuts is on funding with the government. >> first of all, chuck, you just wish the president weren't so adversarial in his tone and the way he deals with the congress. you know, in the past -- >> let me stop -- wait a minute. let me stop threw. >> a lot of people will say adversaryial relationships are a woul
the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to wo
that are raising alarms from demanding republicans immediately raise the debt ceiling and lori about that pesky out of control spending later to considering as many 19 different gun-control measures that he could in force as he gears up for his comprehensive plan tomorrow. our president seems to think of himself like a king and said that our elected officials. joining me now, former adviser to president george w. bush. senior fellow at the cato institute. i will start with you. here is the president back in 2006 on the idea of raising the debt limit. he said, the fact that we are here today to debate raising america's debt limit is a sign of our leaders failing in the u.s. government cannot pay its own bills and i intend to oppose the effort to increase the debt limit to and here he is begging for the debt limit to be raised now that he is president. >> i think that he was right several years ago when he talked about the size of fiscal irresponsibility, but all of a sudden he seems to think it is just a wonderful, peachy keen idea. gerri: irresponsible thing to do . brad, to you. i am -- i went bac
the debt ceiling raised with no commitment to spending cuts in the future, if he gets a ban of assault weapons, ammunition, more stringent background checks that this will divide the republican party. say they squeak it through in the house say boehner makes it happen. which i don't think he's going to by the way. then the republican party fractures it becomes weaker. the strategy the president is employing is i am not going to compromise on the debt ceiling. i don't know what he will do on gun control but don't compromise on the debt ceiling. do it by executive order and then say it is your fault. either way he gets the republicans. if they pass they get weakened if they oppose they demonize. >> it is a smart political strategy. >> it could be but it worked so far but not 100 percent. remember republicans got control of the house of representatives during his term after his first two years when he was very aggressive about his initiatives and they kind of stopped him in his tracks. he can't do very much over there. if you resist him i am not sure that's true on guns, bill. gun control
the president says he will negotiate on spending cuts but not on the debt ceiling. mark matthews is here now with more on what sat stake. >> republicans in the house say they won't raise the debt gmu and president agree to corresponding cuts. the president outlined the stake autos the president began by defining the issue. >> debt keeling is not a question of authorizing more spending. it allows the country to pay for spending that congress is committed to. >> he said americans understand the concept. >> you don't go out to dinner and... then, you know eat all you want. and then... leave without paying a check. >> if you do that, it's against the law, said the president. he added if congress fails to raise the debt ceiling american people will pay the price. >> social security checks and veteran benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owner autos again and again, the president repeated the fact raising the debt ceiling only allows for payment of bills that congress has already racked up. but when we went out to talk with res
the spending, he says spending is separate from the debt ceiling in his mind. if he doesn't create spending or a spending cut, what happens? we've come to a stand still? >> look, the first move, the house republicans, the house has to move first, and i think we've got to show the country we're serious about curbing back spending and we've got to send that over to the senate and the senate has to act. remember, it's more than three or four years now since the senate has actually passed a budget. not only do we have problems getting a budget out of the white house, but the democrats are producing-- >> you're working this out for me. you send it over to the senate, what happens. >> the classic let's not wait till the deadline. the senate has to act. if week show in the house we're acting responsibly, curbing back spending and putting ourselves on a trajectory and cutting the deficit and over the course of time balancing the budget we'll be the responsible party. >> greta: the president says he's not going to do that. >> the president says i'll be irrelevant. >> greta: that's going to put us at
debt ceiling, which will come into play. so we will be seeing a lot of activity in the next few months, debates about people criticize the government, about the size of the deficit, and it a lot of back and forth over these three issues. without going into all the different ramifications, i want to say one word about the debt ceiling, which is not everybody understands what the debt ceiling is about. the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling
card limit to pay its bills. >> we are not a deadbeat nation. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. >> reporter: and with washington once again careening toward a fiscal crisis, this one involving debt and spending, the president made it clear he intends to stand firm. >> if congressional republicans refuse to pay america's bills on time, social security checks and veterans' benefits will be delayed. >> reporter: the president acknowledged republicans could end up shutting down the government if he doesn't yield on spending cuts. but he warned against it. >> i think it would be profoundly damaging to our economy. i think it would actually add to our deficit, because it will impede growth. >> reporter: another more immediate political fight for the president, confirming his pentagon nominee, chuck hagel, a republican, who got a boost on "meet the press" sunday from former republican secretary of state, colin powell, who used the occasion to take a larger, deeper shot
in the house want spending cuts if the debt ceiling is raised. >>> on wall street, stocks traded mostly sideways as the markets finished mixed. dow industrial gained 18 points. nasdaq dropped 8 weighed down by a decline in apple. the company saw its stocks slump following report apple has cut orsd for iphone 5 components. the report suggests demand for the iphone 5 stagnated relatively quickly. stokss dripped below 500 down $18 and change or 3 and a half percent. apple's all-time high is 700. >>> a bay area pizza chain is giving money back to its workers. ahead in eight minutes how the mistakes it made will be swallowed by customers. >>> the 2013 lease will be priced at just below 29 thousand tlrs. that's a 6 thousand $reduction from the previous model year. based on production of the e lek tris lease sold in the u.s. to tennessee to japan. >>> it's the confession many people have been waiting for. seven-time tour de france winner lance armstrong reportedly admitted to using performance-enhancing drugs. associated press said armstrong confessed in an interview today with oprah winfrey a
not negotiate on the debt ceiling although he said he's open to more spending cuts but he insisted the u.s. is, quote, not a dead beat nation. officials in stratford, connecticut, plan to rename an elementary school in honor of victoria soto, a teacher killed in last month's newtown school shooting. officials say she died trying to shield her students from the gunman. >>> walmart will announce a plan to hire every veteran cha wants a job, which could mean 100,000 new jobs. >>> george w.h. bush was released from the hospital after a month. >>> william paul, son of kentucky rand paul, faces charges of assaulting a flight attendant on a january 5th flight. in addition to underage drinking and other charges. >>> the chicago transportation authority is suing united airlines, claiming they are buying its jet fuel 70 miles away to avoid playing close to $300,000 in sales taxes. >>> students at university of vermont should not bring bottled water when they return to campus because the school banned its sale for environmental reasons. they are the largest public university to prohibit bottled water on
republicans, who want to tie the debt ceiling to cutting spending and obama says blow up the economy and risk the full faith and credit of the united states and to do so is irresponsible, the consequences of not paying our bill would be disastrous. the charges went on and on and on and made it sound like only an anarchist would oppose raising the debt ceiling. listen to this: . >> what i will not do is to have that negotiation with a gun at the head of the american people, the threat that unless we get our way, unless you gut medicare or medicaid or otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. look, i don't think anybody would consider my position unreasonable here. democrats don't like voting for the debt ceiling when the republican's president, but you never saw the situation in which democrats suggested somehow that we would go ahead and default if we didn't get 100% of our way, that's just not how it's supposed to work. >> sean: hearing that i can't help, but be reminded of obama's record on the
and climbing back to the debt ceiling debate, in 2012 # coming into 2013 were concerns about consumer spending. government numbers out, retail sales better. does that give you hope? is that why you are bullish at this point for 2013? >> yes. i mean our economy plods along and improves looking at real estate, consumer spending, major purchases such as auto. once again, i make the statement that once washington gets out of the way, we really think that the financial markets based upon where our economy is at this point opposed for a very positive run up, bumpy all be it, that it will be. cheryl: all right. s&p target, 1600 to 1700 this year. the " b" as in bull with you. thank you. good to see you. >> thank you, cheryl. dennis: facebook shares up over 1% today, $31 and change. an hour before a mystery announcement on a product. speculation there may be a smart phone or a search engine or something else. joining us now, stern aggie senior research analyst, thank you for being with us. what's your bet? >> my pleasure. my bet is it's going to be -- yeah, i think it's going to be a search engine typ
a handle on spending, period? >> i don't agree. 9 debt ceiling is money that has been appropriated by congress. the republicans have agreed to this spending. now what we are talking about is making sure that the government has enough money to pay for t. the republicans, if they didn't want the spending, they should have fought with the democrats to prevent the budgets from being approve in the first place. i think what -- most countries in the world don't have a debt ceiling. when government -- when the congress and their equivalent appropriates the money, the government has the borrowing authority to pay for the imra money they borrow. ben bernanke said yesterday, we have to stop having these dibait overs the debt ceiling, it's a stupid idea. the head of the federal reserve. i think the democrats are frustrated. i think that's why they passed this bill -- >> neil: where was their frustration 7 years ago, when the folk who is were urging this very action today voted against raising the debt ceiling when george bush was president? where was the great constitutional resolve? >> i don
. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears to be willing to raise the debt ceiling. it's downplaying fierce that this could lead to higher inflation. >>. >> what do you think? >> well, i think, you know, what we've seen in the beginning of the year, like the solution of the fiscal cliff for the fist time in the more global renegotiation, what bernanke know and the government is they don't want the economy to be in another recession. probably it's going to be a slow process, but the final aim is there and everybody knows where we need to go. >> all right. let's remind you what's on today's show. we take a look out at the auto show. 5:30 eastern. spain is set to tap the bond marke
and pushing us up against the debt ceiling. but remarkably, president obama is now calling for even more taxes, more spending, and more borrowing in return for any future spending controls. he said yesterday that we can't finish the job of deficit reduction through spending cuts alone. simply put, the president got his tax increases in the last congress. it's time for this congress to tackle washington's spending bing. i'd like to recognize the gentlelady from indiana. >> mr. chairman, my message otoday is simple. on too many big items, congress has been kicking the can down the road for years. it's time to supply real leadership on the most pressing challenges we face. this is the only way we can restore trust in congress. we're fast approaching a dead end. the social security trust fund will be bankrupt in 20 years. medicare and medicaid are not on a sustainable path. it is wrong for us to make proppingses to the american people we know we cannot keep. ms. brooks: we must address the drivers of our debt, medicare, medicaid, an social security. not because these programs don't have merit and
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